3M's Net Soars
On Large Gain;
Hurdles Loom

3M Co. posted a 58% jump in fourth-quarter net income, buoyed by a large gain from selling its pharmaceuticals business, but results were short of forecasts and shares dropped.

Chief Executive Officer George W. Buckley said the maker of Post-it notes, sandpaper, insulation and myriad other products was hurt in the quarter by "a significant slowdown" in the U.S. housing and automotive sectors, among other factors. Mr. Buckley...